Lloyds Bank launches new support calculator as £23billion a year goes unclaimed

has launched a new calculator to help customers as a staggering £23billion goes unclaimed each year.

Figures from Policy in Practice show as many as eight million households across the UK are currently missing out on valuable Government support.

The new app feature aims to give customers a “simple way” to identify the benefits they may be eligible for and find out how to make a claim.

Tamara van den Ban, customer propositions director at Lloyds, said: “Billions of pounds of support is provided for those who need it through benefits, but many customers don’t know how to navigate the system or how to make a claim.

“That’s why we’ve launched Benefit Calculator, helping customers to identify the benefits they may be eligible for, and providing clear guidance on making a claim.”

She explained: “Benefit Calculator checks whether customers qualify for a wide range of support, including grants for home improvements and energy efficiency schemes.”

Ms van den Ban noted that the calculator is “the first of a number of features” that will be introduced in the Lloyds Banking app over the coming months, all designed to help “put more money in customers’ pockets”.

She added: “This is alongside all the existing ways we help people keep close to their financial lives – including our subscription management service, our credit score checker, card controls and more.”

The Benefit Calculator could help a wide range of people to access support, such as young professionals who may be missing out on Council Tax discounts, homeowners who could claim for help with home improvements and sustainability initiatives, and many others.

The feature can be found in the new ‘More Money in Your Pocket’ hub in the Lloyds mobile banking app, available from the ‘Everyday’ page on iOS devices.

For Android users, the tool can be found by visiting the ‘ Support’ page.

Lloyds said that calculator has already helped thousands of its customers to identify support they may be eligible for, since it began testing the tool a few weeks ago.

How does it work?

Benefit Calculator asks customers six short initial questions about themselves, including household income, number of children and their living situation.

Based on the responses, the Calculator provides an initial estimate of the amount of benefits the customer may be eligible for.

Customers will then be able to use an in-depth calculator, which takes around five minutes to complete.

A final summary is provided, listing the different benefits and the estimated amount of financial support the customer could potentially receive, while providing clear links for making a claim.